International Seaways has confirmed that it is acquiring Diamond S Shipping in a mammoth combination of two New York-listed tanker owners.

News of the stock-for-stock deal was broken by TradeWinds on Wednesday and officially announced later in the day.

The move catapults Lois Zabrocky-led International Seaways into the next level of major tanker owners, while ending the latest chapter in the storied career of Diamond S boss Craig H Stevenson Jr.